US-based buy now, pay later technology provider Sunbit picked up $130m in its series D round today backed by insurance companies Migdal Insurance and Harel Group.
The round was led by Group 11 and also included Zeev Ventures, AltaIR Capital and More Investment House. It valued Sunbit at $1.1bn.
Sunbit offers buy now, pay later services for transactions online and in-store, including in areas where such an offer is typically not available such as at the dentist or optician. The loans are supplied by financial services firm TAB Bank.
The series D capital will allow Sunbit to expand its market reach online and offline. Guy Fischer, chief investment officer at Migdal Insurance, has joined the board as an observer.
Fischer said: “Our fintech investment arm, Next Gen Finance, plans to invest $2bn over the next two to three years. As a strategic investor, we are looking to partner with global fintech leaders.
“In our view, Sunbit’s technology and forward-thinking vision gives it a lasting foothold as a leader in the rapidly evolving buy now, pay later space.
“Investing in Sunbit carries less risk because of its unique business model, despite possible rising interest rates and inflation. We are proud to partner with them to deliver better solutions.”
Sunbit had raised $54m in funding altogether as of a $26m series B round led by Zeev Ventures in June 2019. Group 11, Chicago Ventures and unnamed existing investors also backed the series B round.
The company does not appear to have confirmed any other funding details.
